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Christopher N. Stathoulopoulos

Christopher N. Stathoulopoulos

Research Analyst at Susquehanna International Group, LLP

New York, NY, US

Christopher N. Stathoulopoulos is an Equity Analyst at Susquehanna International Group, specializing in coverage of consumer services and finance sector companies such as Avis Budget Group and AerCap Holdings. He maintains a notable performance track record, exemplified by generating returns as high as +180.4% on specific recommendations and achieving average success rates near 58% with positive returns above 7% in recurring coverage. Stathoulopoulos began his analyst career at Susquehanna and has established a robust professional network within the investment banking industry. He holds industry credentials aligned with FINRA registration and securities licensure required for his role as a Wall Street analyst.

Christopher N. Stathoulopoulos's questions to AVIS BUDGET GROUP (CAR) leadership

Question · Q4 2025

Christopher Stathoulopoulos sought comfort with the full-year guidance given past misses, requesting an EBITDA bridge, key performance indicators, and quantification of lost revenue or embedded demand from Q4 2025 due to factors like tariff shutdowns, FAA cancellations, and weather. He also inquired about the status of premium and tech initiatives (Avis First, Waymo) and whether the base case EBITDA guide assumes Americas revenue growth for the full year.

Answer

CEO Brian Choi reiterated Q4 impacts of roughly $100 million on revenue and a $50 million increase to PLPD reserves. He stated that the market moves quickly, making specific full-year metrics challenging, but reaffirmed DPU expectations ($400 in Q1, then low $300s), higher utilization, and lower fleet. Brian emphasized that this is the first outlook under current leadership, reflecting more conservative assumptions. CFO Daniel Cunha clarified that Zipcar UK actions had no material impact on results. Brian confirmed that premium and tech initiatives are not on pause; cost rationalization funds them. Avis First is expanding to Europe and commercial customers, and the Waymo partnership continues with Dallas gearing up, vehicles currently on Waymo's balance sheet. Daniel and Brian confirmed that the base case EBITDA guide for the full year does assume modest Americas revenue growth, signaling a return to a normalized environment.

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Question · Q2 2025

Christopher N. Stathoulopoulos from Susquehanna International Group asked for a concise vision of the 'Avis of the future' and how new initiatives align with normalized EBITDA targets. He also inquired about the 2026 vehicle purchasing strategy in light of potential used car market inflation from tariffs.

Answer

CEO Brian Choi defined the future vision as leveraging 'mega fleet management' for both its own rental business and for partners in the broader mobility ecosystem. He reaffirmed the normalized EBITDA floor of $1 billion, with new ventures being additive. Regarding 2026 fleet plans, Choi stressed that the company will remain disciplined and not repeat past mistakes of overpaying for vehicles, ensuring any new OEM deals are sustainable for both parties.

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